Famed short seller Jim Chanos has announced a long position in AMC Preferred Equity Units as part of an arbitrage play. What Happened: Chanos announced that he initiated a position in APE shares Tuesday on CNBC's "Fast Money Halftime Report." The legendary short seller believes the preferred shares should be trading around the same price as AMC Entertainment Holdings Inc common stock. "We actually bought the new APE preferred and we have shorted the AMC common against it," Chanos said. "They are economically the same security." AMC declared a special dividend in the form of APE, or AMC Preferred Equity units at the beginning of August. The preferred shares were issued to all common stockholders. AMC Preferred Equity units began trading under the ticker symbol APE on Monday. Chanos told CNBC that the two securities function the same, although they are not freely convertible. "The company can go out now and issue new preferred to finance itself or pay down debt or make acquisitions...